FEDERAL PERKINS LOAN: The Perkins Loan program is a need-based loan that offers low interest (fixed rate of 5%) loans to undergraduate students who demonstrated high financial need. Repayment begins nine months after the student graduates, leaves school, or drops below half-time enrollment. Loan repayment is made directly to the college.

FEDERAL DIRECT SUBSIDIZED STAFFORD LOAN: This is a need-based loan that is offered to students who demonstrate financial need.  Beginning July 1, 2006 all new Stafford Loans will be at a fixed interest rate of 6.8%.  The quarterly interests is fully subsidized (paid) by the government until the student goes into repayment. Repayment begins 6 months after the student graduates, leaves school or drops below half-time enrollment.

FEDERAL DIRECT UNSUBSIDIZED STAFFORD LOAN: The Unsubsidized Stafford loan is a non-need based loan offered to students with low financial need. The terms are the same as the Subsidized Stafford loan (see above) except the borrower is responsible for the quarterly interest. A borrower can choose to pay the quarterly interest or opt to let it capitalize at repayment.

FEDERAL DIRECT PARENT PLUS LOAN: The PLUS Loan is a non-need based loan program that is available to credit worthy parents of dependent students.  Payments on the PLUS loan will begin within 60 days following the final disbursement of the loan. Lawrence University offers two PLUS Loan programs, the Federal Direct PLUS Loan (DL) program and the Federal Family Education Loan (FFEL) program.   For new PLUS loans disbursed on or after July 1, 2006 the interest rates are as follows:

More information about PLUS loans is available on our financing options page